We've reviewed many investing and personal finance services. We want to help you make the best decision of which service best suits your needs.
This comparison we review WiseBanyan and FutureAdvisor.
From our research, annual fees, minimum deposit, and 401(k) support the most important
features which choosing a robo advisor. Let's look at how WiseBanyan and FutureAdvisor stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. WiseBanyan has
annual fees at 0% fee per year. In
contrast, FutureAdvisor has annual fees of 0.50%.
WiseBanyan wins because their service is free to use.
Let's consider the minimum investment that's required to use both WiseBanyan and FutureAdvisor.
At $1, WiseBanyan requires a smaller minimum deposit.
When it comes to supporting 401(k) plans, there is a clear line of division. FutureAdvisor does offer support for 401(k) plans, while WiseBanyan does not. If you are someone who wants input on your employee-sponsored retirement account, FutureAdvisor will be your option.
|Review||WiseBanyan Review||FutureAdvisor Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||None — Basic services are free||0.50%/year|
|Accounts Available||Taxable, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, 529, Coverdell|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||— All Taxable Accounts||— All Taxable Accounts|
|Retirement Planning Tools|
|Automatic Deposits||Weekly, Monthly and Quarterly||Daily, Weekly, Biweekly, Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||Apex Clearing|
|Socially Responsible Investing|
|Invests in Commodities|
|Invests in Real Estate|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Apple Watch, Android App||Website, iOS App, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 8A-4P PT; Email||Phone: M-F 8:30A-5P PT; Email|
|Assets Under Management||$94M||$1B|
|Number of Accounts||25K||7K|
|Sign Up||Sign Up|
WiseBanyan is a robo advisor service with no hidden charges. The base service includes automatic portfolio rebalancing and low minimum deposit. From our testing, they are the cheapest service in their category. On the downside, you must pay a premium if you want to open an IRA.
FutureAdvisor lets you test-drive its service for free and is one of the few robo advisors that can manage your 529 college savings plan. However, the bad news is the service's fees are higher than those of most of its competition.